Diamondback Energy (NASDAQ:FANG) Now Covered by Citigroup

Equities researchers at Citigroup assumed coverage on shares of Diamondback Energy (NASDAQ:FANG) in a note issued to investors on Monday, Marketbeat.com reports. The firm set a “neutral” rating and a $195.00 price target on the oil and natural gas company’s stock. Citigroup’s price objective would suggest a potential upside of 8.47% from the company’s current price.

FANG has been the subject of a number of other reports. UBS Group decreased their target price on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Wells Fargo & Company cut their target price on Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Morgan Stanley upped their price target on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Piper Sandler decreased their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Finally, Wolfe Research assumed coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $210.27.

Diamondback Energy Price Performance

FANG stock opened at $179.77 on Monday. The company has a market capitalization of $32.06 billion, a PE ratio of 10.13, a P/E/G ratio of 1.22 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The stock’s 50 day moving average is $187.12 and its two-hundred day moving average is $195.08. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company’s revenue was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.68 EPS. Analysts predict that Diamondback Energy will post 19.08 earnings per share for the current fiscal year.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Founders Capital Management boosted its position in shares of Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 101 shares during the period. First Community Trust NA purchased a new stake in Diamondback Energy in the 2nd quarter worth about $26,000. Carolinas Wealth Consulting LLC boosted its position in Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the period. HHM Wealth Advisors LLC purchased a new position in Diamondback Energy during the 2nd quarter valued at about $40,000. Finally, Oliver Lagore Vanvalin Investment Group increased its holdings in shares of Diamondback Energy by 109.7% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock valued at $52,000 after purchasing an additional 136 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.